Slides
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Second Quarter 2026 Earnings August 5 , 2026
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2 Vice President, Strategy & Investor Relations Brian Anderson
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3 Today’s Presenters
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4 Statements made in this presentation regarding Deluxe, the company’s,or management’s intentions, expectations, outlook, or predictions about future results or events are considered “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. These statements reflect management’s current intentions or beliefs and are subject to risks and uncertainties that could cause actual results or events to differ from stated expectations, which variations could be material and adverse. Factors that could lead to such variations include, but are not limited to, the following: changes in local, regional, national, and international economic or political conditions, including those arising from heightened inflation, rising interest rates, a recession, uncertainties surrounding trade policies or tariffs, or intensified international hostilities, and their impact on the company, its data, customers, or demand for the company’s products and services; the effects of proposed and enacted legislative and regulatory actions affecting the company or the financial services industry as a whole; ongoing cost increases and/or declines in the availability of data, materials, and other services; the company’s ability to execute its strategy and to realize the intended benefits; the inherent unreliability of earnings, revenue, and cash flow predictions due to numerous factors, many of which are beyond the company’s control; declining demand for the company’s checks, check-related products and services, and business forms; risks that the company’s strategies intended to drive sustained revenue and earnings growth, despite the continuing decline in checks and forms, are delayed or unsuccessful; intense competition; consolidation of financial institutions and/or bank failures, reducing the number of potential customers and referral sources and increasing downward pressure on the company’s revenue and gross profit; risks related to acquisitions, including integration-related risks and risks that future acquisitions will not be consummated; risks that any such acquisitions do not produce the anticipated results or synergies; risks that the company’s cost reduction initiatives will be delayed or unsuccessful; risks related to any divestitures contemplated or undertaken by the company; performance shortfalls by one or more of the company’s major suppliers, licensors, data or service providers; continuing supply chain and labor supply issues; unanticipated delays, costs, and expenses in the development and marketing of products and services, including financial technology and treasury management solutions; the failure of such products and services to deliver the expected revenues and other financial targets; risks related to security breaches, computer malware, or other cyber-attacks; risks of interruptions to the company’s website operations or information technology systems; and risks of unfavorable outcomes and the costs to defend litigation and other disputes. The company’s forward-looking statements speak only as of the time made, and management assumes no obligation to publicly update any such statements. Additional information concerning these and other factors that could cause actual results and events to differ materially from the company’s current expectations are contained in the company’s Form 10-K for the year ended December 31, 2025 and other filings made with the SEC. The company undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events, new information, or future circumstances. Portions of the financial and statistical information discussed during this call are addressed in more detail in today's press release, which is posted on the company's investor relations website at www.investors.deluxe.com. This information was also furnished to the SEC on the Form 8-K filed by the company this evening. Any references to non-GAAP financial measures are reconciled to the comparable GAAP financial measures in the press release and as part of this presentation. Cautionary Statement
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5 President and Chief Executive Officer Barry McCarthy
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Comparable Adjusted Revenue $486.8 $499.3 Q2 25 Q2 26 Q2'26 Financial Highlights (in millions) Revenue $521.3 $499.3 Q2 25 Q2 26 Adjusted EBITDA $106.5 $108.8 Q2 25 Q2 26 -4.2% +2.2% Net Income - GAAP $22.4 $19.2 Q2 25 Q2 26+2.6% 6 Comparable Adjusted EBITDA $103.3 $108.8 Q2 25 Q2 26 +5.3% -14.3%
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OUR BUSINESSES Merchant Services PAYMENTS & DATA BUSINESSESLEGACY PRINT BUSINESSES B2B Payments DataChecks Promotional Products Corporate CORPORATE Q2'26 Financial Overview Revenue mix shift towards Payments and Data accelerates 7 Q2'26 YTD REVENUE Rev % of Total DLX YOY % Rev Growth Q2'26 YTD ADJ EBITDA MARGIN % KEY COMPONENTS $498.1 million $539.3 million - 48.0% 52.0% - (5.2%) * 11.1% - 34.5% 23.8% (7.1%) • Reliable cash flows to pay down debt and re-invest in Payments & Data businesses • Large installed base of FIs and SMBs Secular growth markets • Merchant: Deep vertical expertise • B2B Payments: Software & payments that ease complex customer pain points • Data: Market leader across financial institutions broadening to adjacent verticals • Drive efficiencies across shared-service functions
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8 Q2'26 Comparable Adjusted Highlights Strong operating leverage & earnings expansion; sustaining growth of cash flows DRIVING PAYMENTS & DATA GROWTH EFFICIENCY FOCUS: DRIVING OPERATING LEVERAGE INCREASED CASH FLOW & IMPROVED PRE-M&A LEVERAGE EXPANSION OF EARNINGS METRICS • Data Solutions Revenue +21.4% vs. Q2'25 • Merchant Services Revenue +6.1% vs. Q2'25 • B2B Payments Revenue +3.5% vs. Q2'25 • Print Comp Adj Revenue (4.3%); Check Comp Adj Revenue (1.7%) vs. Q2'25 • Print margin expansion: Comp adj EBITDA 36.5%; +110 bps vs. Q2'25 • Corporate Operations: $2.9M expense reduction, (7.0%) vs. Q2'25 • OpEx efficiency: Q2 total SG&A down $12.4M, (5.8%) vs. Q2'25 • Free Cash Flow $85.9M for first half of year, +64.9% vs. YTD Q2'25 • Total Debt reduced by $77.2M vs. YE'25 • Target Net Leverage Ratio reached: 2.9x vs. 3.5x in Q2'25 • 14th consecutive quarter of year-over-year Adj EBITDA expansion • Comparable adjusted EPS $0.87, +6.1% vs. Q2'25 • Maintained Dividend: returning capital to shareholders Comparable Adjusted EBITDA: $108.8 million // +5.3% vs. Q2'25; 21.8% margin // +60bps YoY
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: Adding Significant Scale to enhance operating leverage 9
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10 acquisition: Compelling Strategic & Financial Rationale
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Long-term Value Creation Algorithm 11
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12 Chief Financial Officer Chip Zint
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13 Q2'26 Financial Summary TOTAL REVENUE $499.3M Down 4.2% versus Q2'25; Comparable adjusted revenue up 2.6% NET INCOME $19.2M Or $0.41 per share on a diluted basis; Down from $22.4M, or $0.50 per share in Q2'25, on transaction- related costs Adjusted EBITDA $108.8M Increased 5.3% versus Q2'25 Adj. EBITDA margin 21.8% Increased 60 basis points versus Q2'25 Adj. Diluted EPS $0.87 Up 6.1% compared to Q2'25 Comparable Metrics
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14 (in millions) Adjusted EBITDA margin was 23.3%, up 190 basis points year-over- year, driven by revenue growth, channel mix, and Dec'25 purchase of residual commission rights Merchant Services Payment Processing & Reporting Omnichannel Payments Terminals & Devices Revenue $101.4 $107.6 Q2 25 Q2 26 +6.1% Adjusted EBITDA $21.7 $25.1 Q2 25 Q2 26 +15.7%
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15 B2B/Digital Payments Payables as a Service Treasury Management Receivables as a Service (in millions) Adjusted EBITDA margin was 24.9%, up 290 basis points year-over- year driven by operating and cost efficiencies B2B Payments Revenue $71.0 $73.5 Q2 25 Q2 26 +3.5% Adjusted EBITDA $15.6 $18.3 Q2 25 Q2 26 Fraud & Security Protection +17.3%
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16 Data Analytics and SMB SaaS Solutions Data Driven Marketing (in millions) Adjusted EBITDA margin was 22.0%, returning toward full-year low- to mid-20 percent rate outlook and reflective of prior-year vendor rebate impacts Data Solutions Revenue $67.8 $82.3 Q2 25 Q2 26 +21.4% Adjusted EBITDA $20.4 $18.1 Q2 25 Q2 26 -11.3%
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17 Web Storefront Platform for Branded Products Extensive range of Promotional offerings Business Essentials Consumer and Business Checks Adjusted EBITDA margin for Q2 26 was 36.5%, up 110 basis points year-over-year on a comparable adjusted basis, on overall mix and operating efficiencies Print (in millions) Comparable Adjusted Revenue $246.6 $235.9 Q2 25 Q2 26 -4.3% Comparable Adjusted EBITDA $87.2 $86.0 Q2 25 Q2 26 -1.4% Revenue $281.1 $235.9 Q2 25 Q2 26-16.1% Adjusted EBITDA $90.4 $86.0 Q2 25 Q2 26 -4.9%
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18 Free Cash Flow (in millions) Net Debt to Adjusted EBITDA (in millions) Balance Sheet and Cash Flow For the 12 Months Ended 6/30/2026 12/31/2025 Variance Net Debt $1,317.3 $1,392.5 ($75.2) LTM Adjusted EBITDA $451.6 $431.5 $20.1 Net Debt to Adjusted EBITDA 2.9x 3.2x For the Six Months Ended 6/30/2026 06/30/2025 Variance Cash Provided by Operating Activities $133.9 $101.4 $32.5 Less Capital Expenditures (48.0) (49.3) 1.3 Free Cash Flow $85.9 $52.1 $33.8
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19 2026 Guidance Additional modeling assumptions: • Interest expense of approx $130 million • Adjusted tax rate of 25% • Depreciation & amortization of $155 to $160 million, of which acquisition amortization is approx $55 to $60 million • Average outstanding share count of 46.5 million shares • Capital expenditures between $100 million and $110 million All figures are approximate, and remain subject to, among other things, prevailing macroeconomic conditions including potential tariff impacts, labor supply challenges, inflation, and the impact of other potential changes to the company's portfolio. Declared regular dividend of $0.30 per share
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Long-term Value Creation Algorithm 20
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Q & A
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22 Vice President, Strategy & Investor Relations Brian Anderson
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23 Upcoming Conferences/Events
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24 Appendix
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25 Consolidated Condensed Statements of Income in millions, except per share amounts (Unaudited) Quarter Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenue $499.3 $521.3 $1,037.4 $1,057.7 Cost of revenue (239.7) (242.0) (498.4) (497.4) Selling, general and administrative expense (202.1) (214.5) (411.5) (439.8) Restructuring and integration expense (1.8) (4.0) (5.2) (11.7) Gain on sale of businesses and long-lived assets — — 5.1 — Operating income 55.7 60.8 127.4 108.8 Interest expense (28.0) (30.9) (55.6) (62.2) Other income, net 2.4 1.8 4.9 4.3 Income before income taxes 30.1 31.7 76.7 50.9 Income tax provision (10.9) (9.3) (21.7) (14.4) Net income 19.2 22.4 55.0 36.5 Non-controlling interest (0.1) — (0.1) (0.1) Net income attributable to Deluxe $19.1 $22.4 $54.9 $36.4 Weighted-average dilutive shares outstanding 46.4 45.2 46.3 45.2 Diluted earnings per share $0.41 $0.50 $1.18 $0.80 Adjusted diluted earnings per share 0.87 0.88 1.92 1.62 Comparable adjusted diluted earnings per share 0.87 0.82 1.92 1.54 Depreciation and amortization expense 36.2 33.5 72.9 68.8 EBITDA 94.2 96.1 205.1 181.8 Adjusted EBITDA 108.8 106.5 226.7 206.6 Comparable adjusted EBITDA 108.8 103.3 226.7 201.7
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26 Segment Information in millions (Unaudited) Quarter Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenue: Merchant Services $107.6 $101.4 $212.5 $199.2 B2B Payments 73.5 71.0 147.1 141.1 Data Solutions 82.3 67.8 179.7 145.1 Print 235.9 281.1 498.1 572.3 Total $499.3 $521.3 $1,037.4 $1,057.7 Comparable adjusted revenue $499.3 $486.8 $1,037.4 $1,010.6 Adjusted EBITDA: Merchant Services $25.1 $21.7 $51.8 $43.1 B2B Payments 18.3 15.6 35.5 28.9 Data Solutions 18.1 20.4 41.0 40.0 Print 86.0 90.4 171.7 181.2 Corporate (38.7) (41.6) (73.3) (86.6) Total $108.8 $106.5 $226.7 $206.6 Comparable adjusted EBITDA $108.8 $103.3 $226.7 $201.7 Adjusted EBITDA Margin: Merchant Services 23.3% 21.4% 24.4% 21.6% B2B Payments 24.9% 22.0% 24.1% 20.5% Data Solutions 22.0% 30.1% 22.8% 27.6% Print 36.5% 32.2% 34.5% 31.7% Total 21.8% 20.4% 21.9% 19.5% Comparable adjusted EBITDA 21.8% 21.2% 21.9% 20.0% The segment information reported here was calculated utilizing the methodology outlined in the Notes to Consolidated Financial Statements included in the company's Annual Report on Form 10-K for the year ended December 31, 2025.
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27 Reconciliation of GAAP to Non-GAAP Measures EBITDA, Adjusted EBITDA, and Adjusted EBITDA margin in millions (Unaudited) Quarter Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net income $19.2 $22.4 $55.0 $36.5 Non-controlling interest (0.1) — (0.1) (0.1) Interest expense 28.0 30.9 55.6 62.2 Income tax provision 10.9 9.3 21.7 14.4 Depreciation and amortization expense 36.2 33.5 72.9 68.8 EBITDA 94.2 96.1 205.1 181.8 Share-based compensation expense 6.5 6.2 13.2 11.6 Restructuring and integration expense 2.0 4.2 5.8 12.7 Acquisition transaction costs 5.6 — 5.6 — Certain legal, environmental and other expense 0.5 — 2.1 0.5 Gain on sale of businesses and long-lived assets — — (5.1) — Adjusted EBITDA $108.8 $106.5 $226.7 $206.6 Adjusted EBITDA margin 21.8% 20.4% 21.9% 19.5%
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28 Reconciliation of GAAP to Non-GAAP Measures Adjusted Diluted EPS - Q2 2026 dollars and shares in millions, except per share amounts (Unaudited) Q2 2026 GAAP Acquisition amortization Restructuring and integration expense Share-based compensation expense Acquisition transaction costs Certain legal, environmental and other expense Income tax impact of adjustments Q2 2026 Adjusted Revenue $499.3 $— $— $— $— $— $— $499.3 Cost of revenue (239.7) 4.0 0.2 0.1 — — — (235.4) Selling, general and administrative expense (202.1) 6.1 — 6.4 5.6 0.5 — (183.5) Restructuring and integration expense (1.8) — 1.8 — — — — — Operating income 55.7 10.1 2.0 6.5 5.6 0.5 — 80.4 Interest expense (28.0) — — — — — — (28.0) Other income, net 2.4 — — — — — — 2.4 Income before income taxes 30.1 $10.1 $2.0 $6.5 $5.6 $0.5 — 54.8 Income tax provision (10.9) ($3.4) (14.3) Net income 19.2 40.5 Non-controlling interest (0.1) (0.1) Net income attributable to Deluxe $19.1 $40.4 Weighted-average dilutive shares 46.4 46.4 Diluted EPS $0.41 $0.87 Comparable Adjusted Diluted EPS $0.87
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29 Reconciliation of GAAP to Non-GAAP Measures Adjusted Diluted EPS - Q2 2025 dollars and shares in millions, except per share amounts (Unaudited) Q2 2025 GAAP Acquisition amortization Restructuring and integration expense Share-based compensation expense Income tax impact of adjustments Q2 2025 Adjusted Revenue $521.3 $— $— $— $— $521.3 Cost of revenue (242.0) 2.2 0.2 0.2 — (239.4) Selling, general and administrative expense (214.5) 9.2 — 6.0 — (199.3) Restructuring and integration expense (4.0) — 4.0 — — — Operating income 60.8 11.4 4.2 6.2 — 82.6 Interest expense (30.9) — — — — (30.9) Other income, net 1.8 — — — — 1.8 Income before income taxes 31.7 $11.4 $4.2 $6.2 — 53.5 Income tax provision (9.3) ($4.6) (13.9) Net income $22.4 $39.6 Income attributable to Deluxe available to common shareholders $22.4 $39.6 Business exits (2.4) Comparable adjusted income available to common shareholders $37.2 Weighted-average dilutive shares 45.2 45.2 Diluted EPS $0.50 $0.88 Comparable Adjusted Diluted EPS $0.82
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30 Reconciliation of GAAP to Non-GAAP Measures Adjusted Diluted EPS - June YTD 2026 dollars and shares in millions, except per share amounts (Unaudited) June YTD 2026 GAAP Acquisition amortization Restructuring and integration expense Share-based compensation expense Acquisition transaction costs Certain legal, environmental and other expense Gain on sale of businesses/ assets Income tax impact of adjustments June YTD 2026 Adjusted Revenue $1,037.4 $— $— $— $— $— $— $— $1,037.4 Cost of revenue (498.4) 7.9 0.6 0.4 — — — — (489.5) Selling, general and administrative expense (411.5) 12.9 — 12.8 5.6 2.1 — — (378.1) Restructuring and integration expense (5.2) — 5.2 — — — — — — Gain on sale of businesses and long- lived assets 5.1 — — — — — (5.1) — — Operating income 127.4 20.8 5.8 13.2 5.6 2.1 (5.1) — 169.8 Interest expense (55.6) — — — — — — — (55.6) Other income, net 4.9 — — — — — — — 4.9 Income before income taxes 76.7 $20.8 $5.8 $13.2 $5.6 $2.1 ($5.1) — 119.1 Income tax provision (21.7) ($8.2) (29.9) Net income 55.0 $89.2 Non-controlling interest (0.1) (0.1) Net income attributable to Deluxe $54.9 $89.1 Weighted-average dilutive shares 46.3 46.3 Diluted EPS $1.18 $1.92 Comparable Adjusted Diluted EPS $1.92
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31 Reconciliation of GAAP to Non-GAAP Measures Adjusted Diluted EPS - June YTD 2025 dollars and shares in millions, except per share amounts (Unaudited) June YTD 2025 GAAP Acquisition amortization Restructuring and integration expense Share-based compensation expense Certain legal, environmental and other expense Income tax impact of adjustments June YTD 2025 Adjusted Revenue $1,057.7 $— $— $— $— $— $1,057.7 Cost of revenue (497.4) 4.4 1.0 0.4 — — (491.6) Selling, general and administrative expense (439.8) 18.8 — 11.2 0.5 — (409.3) Restructuring and integration expense (11.7) — 11.7 — — — — Operating income 108.8 23.2 12.7 11.6 0.5 — 156.8 Interest expense (62.2) — — — — — (62.2) Other income, net 4.3 — — — — — 4.3 Income before income taxes 50.9 $23.2 $12.7 $11.6 $0.5 — 98.9 Income tax provision (14.4) ($10.9) (25.3) Net income 36.5 73.6 Non-controlling interest (0.1) (0.1) Net income attributable to Deluxe $36.4 $73.5 Income attributable to Deluxe available to common shareholders $36.3 73.4 Business exits (3.6) Comparable adjusted income available to common shareholders $69.8 Weighted-average dilutive shares 45.2 45.2 Diluted EPS $0.80 $1.62 Comparable Adjusted Diluted EPS $1.54
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32 Reconciliation of GAAP to Non-GAAP Measures Comparable Adjusted Revenue / Comparable Adjusted EBITDA / Comparable Adjusted EBITDA Margin in millions (Unaudited) Quarter Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Total Company: Revenue $499.3 $521.3 $1,037.4 $1,057.7 Less: business exit — (34.5) — (47.1) Comparable adjusted revenue $499.3 $486.8 $1,037.4 $1,010.6 Total Company: Adjusted EBITDA(1) $108.8 $106.5 $226.7 $206.6 Less: business exit — (3.2) — (4.9) Comparable adjusted EBITDA $108.8 $103.3 $226.7 $201.7 Comparable adjusted EBITDA margin 21.8% 21.2% 21.9% 20.0% (1) The reconciliation of net income to consolidated adjusted EBITDA is provided on a previous slide.
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33 Reconciliation of GAAP to Non-GAAP Measures Print Comparable Adjusted Revenue / Comparable Adjusted EBITDA / Comparable Adjusted EBITDA Margin in millions (Unaudited) Quarter Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Print Segment: Revenue $235.9 $281.1 $498.1 $572.3 Less: business exit — (34.5) — (47.1) Comparable adjusted revenue $235.9 $246.6 $498.1 $525.2 Print Segment: Adjusted EBITDA $86.0 $90.4 $171.7 $181.2 Less: business exit — (3.2) — (4.9) Comparable adjusted EBITDA $86.0 $87.2 $171.7 $176.3 Comparable adjusted EBITDA margin 36.5% 35.4% 34.5% 33.6% Print Segment: Check revenue $165.5 $173.7 $331.5 $348.9 Less: business exit — (5.4) — (7.1) Comparable adjusted Check revenue $165.5 $168.3 $331.5 $341.8 Comparable adjusted Check revenue decline (1.7%) (3.0%) Other Print revenue $70.4 $107.4 $166.6 $223.4 Less: business exit — (29.1) — (40.0) Comparable adjusted Other Print revenue $70.4 $78.3 $166.6 $183.4 Comparable adjusted Other Print revenue decline (10.1%) (9.2%)
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34 Reconciliation of GAAP to Non-GAAP Measures Comparable Adjusted Revenue / Comparable Adjusted EBITDA / Comparable Adjusted EPS Outlook (Unaudited) Full Year 2026 Outlook 2025 Actual (in billions) Revenue $2.095 - $2.120 $2.133 Less: Business exit(1) — (0.121) Less: Acquisition (0.085) - (0.090) — Comparable adjusted revenue $2.010 - $2.030 $2.012 Comparable adjusted revenue (decline) growth % (0%) - 1% (in millions) Adjusted EBITDA $455 - $475 $432 Less: Business exit(1) — (16) Less: Acquisition (20) - (25) — Comparable adjusted EBITDA $435 - $450 $416 Comparable adjusted EBITDA growth % 5% - 8% Adjusted diluted EPS $3.60 - $4.00 $3.61 Less: Business exit(1) — (0.26) Comparable adjusted diluted EPS $3.60 - $4.00 $3.35 Comparable adjusted diluted EPS growth 7% - 19% (1) The comparable adjusted measures exclude the results of the Safeguard small business distributor channel in the Print segment, which was sold in March 2026. These measures reflect management’s estimates prepared in connection with the divestiture and are subject to refinement as actual information becomes available. The company has not reconciled the adjusted EBITDA, adjusted diluted EPS, adjusted income tax rate, or free cash flow outlook for 2026 to the directly comparable GAAP financial measures because the company does not provide outlook guidance for the reconciling items between net income, adjusted net income, and adjusted EBITDA, and certain of these reconciling items impact cash flows from operating activities. Due to the substantial uncertainty and variability surrounding certain of these forward-looking reconciling items, including restructuring and integration expenses, gains and losses on sales of businesses and long-lived assets, and certain legal and environmental expenses, a reconciliation of the outlook for these non-GAAP financial measures to the corresponding GAAP measures is not available without unreasonable effort. The probable significance of certain of these reconciling items is high and, based on historical experience, could be material. The reconciliations of consolidated adjusted EBITDA and adjusted diluted EPS for 2025 to the comparable GAAP financial measures can be found in the company's Annual Report on Form 10-K for the year ended December 31, 2025.
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35 Reconciliation of GAAP to Non-GAAP Measures Net Debt to Adjusted EBITDA dollars in millions (Unaudited) June 30, 2026 December 31, 2025 June 30, 2025 Total debt $1,352.2 $1,429.4 $1,470.6 Cash and cash equivalents (34.9) (36.9) (26.0) Net debt $1,317.3 $1,392.5 $1,444.6 12 Months Ended June 30, 2026 12 Months Ended December 31, 2025 12 Months Ended June 30, 2025 Net income $100.7 $82.2 $58.1 Non-controlling interest (0.1) (0.1) (0.2) Interest expense 115.4 122.0 124.5 Income tax provision 44.2 36.9 22.1 Depreciation and amortization expense 142.0 137.9 150.9 Share-based compensation 26.5 24.9 21.4 Restructuring and integration expense 13.6 20.5 37.4 Asset impairment charges 5.7 5.7 7.7 Acquisition transaction costs 5.6 — — Certain legal, environmental and other expense 3.1 1.5 0.2 Gain on sale of businesses and long-lived assets (5.1) — (7.2) Adjusted EBITDA $451.6 $431.5 $414.9 NET DEBT TO ADJUSTED EBITDA 2.9 3.2 3.5 TRAILING 12 MONTHS ADJUSTED EBITDA:
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36 Reconciliation of GAAP to Non-GAAP Measures Free Cash Flow in millions (Unaudited) Six Months Ended June 30, 2026 2025 Net cash provided by operating activities $133.9 $101.4 Purchases of capital assets (48.0) (49.3) Free cash flow $85.9 $52.1